Thursday, September 9, 2010

Competitive index ranks China 27th

Competitive index ranks China 27th
By Wang Yanlin
China Daily, September, 10, 2010

CHINA is inching higher on a list of the world's most competitive economies - to 27th place, up from 29th last year.

"China continues to lead the way among large developing economies, improving by two more places this year, and solidifying its place among the top 30," said the Global Competitiveness Report 2010-2011, released yesterday by the World Economic Forum.

Switzerland remained in top spot, followed by Sweden and Singapore.

The United States, the world's biggest economy, fell two places to 4th due to macroeconomic imbalances, a weakening of its public and private institutions, and lingering concerns about its financial markets.

Several Asian economies also performed strongly. Japan moved up to 6th place from last year's 8th, and Hong Kong Special Administrative Region remained as number 11.

China outpaced the three other BRIC economies. Brazil ranked 58th, Russia 63rd and India 51st.

Li Jing, an economist and managing director of JPMorgan, said yesterday in Shanghai that the world's emerging markets, upon which the global economic advance hinges, have diverged from the growth path of developed countries.

"While the United States is now concerned about deflation, China pays close attention to the risk of inflation," Li said. "When the US encourages people to reduce debt and save, China is pushing hard for more consumption. Such sharp differences reflect huge potential of future growth in emerging markets, as well as the challenges that different countries should face."

China's economy eclipsed Japan during the April-June period to become the world's second-largest. But under a tightening policy stance, the country's gross domestic product has moderated to 10.3 percent growth in the second quarter from an 11.9 percent surge in the first three months.

Last year, China overtook Germany to become the world's biggest exporter and then nudged the US aside as it became the world's largest automobile market.

The latest Fortune Global 500, unveiled in July, listed a record 54 Chinese companies with three in the top 10.

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